ACEN is preparing a $200 million equity investment to build solar projects in Asia
MANILA, Philippines — ACEN, the publicly traded power unit of conglomerate Ayala Corp., will invest up to $200 million in equity financing to build massive solar power plants in Asia in a bid to further increase its clean energy portfolio.
This is in addition to new debt ACEN will take on to finance the solar power plants, the company told the stock exchange on Monday.
To bring the project to fruition, ACEN said it would partner with German solar project company ib vogt to create a platform that would have a minimum operational capacity of 1,000 MW over the next few years. ACEN will pay the entire equity investment and additional debt to the joint venture “to accelerate the deployment of renewable energy in Asia”.
“ACEN has a long history of partnering with top energy developers to build renewable energy projects in the Asia-Pacific region,” said Patrice Clausse, President and COO of ACEN International, in a statement. communicated.
ACEN said its factory form with ib vogt will focus on “late-stage, ready-to-go” projects in Indonesia, Vietnam, Malaysia, Laos, Bangladesh and other countries in the region.
The majority of the projects will come from ib vogt’s Asia development pipeline of over 5,000 MW, with initial projects expected to enter construction this year. The ACEN-supported platform is also open to acquiring late-stage projects from local and regional developers.
As it stands, the new solar platform would bode well for ACEN’s ambitions. The company aims to be the largest listed renewable energy platform in Southeast Asia, with a goal of reaching 5,000 MW of renewable energy capacity by 2025.
To date, ACEN has over 3,800 MW of attributable capacity in the Philippines, Vietnam, Indonesia, India and Australia. —Ian Nicolas Cigaral